The company will use the funds to manufacture its PayGo solar home systems for deployment in sub-Saharan Africa, where it claims 600 million people live without access to a reliable power grid.
The system allows users to pay for solar power on a pay-as-you-go basis, simply using their mobile phones.
“As the PayGo industry matures, access to innovative debt finance mechanisms becomes an increasingly important part of being able to deliver continued market growth. We are delighted to have partnered with Standard Chartered Bank to deliver this innovative facility,” said Simon Bransfield-Garth, Chief Executive of Azuri.
The revolving fund will support sustainable renewable energy access in sub-Saharan African countries and will help Azuri leverage new and existing opportunities to accelerate its growth.
Azuri first entered the Kenyan market in 2011, and has since expanded its reach to serve some 90,000 households across 12 African countries, reaching approximately half a million people.